A recent article from The Hill, breaks down the potential EARN Act working its way through our government right now. Sort of like a Secure Act 2.0, the EARN Act could change essential things about retirement planning.
One of the biggest changes could be to RMD age requirements. It may push those RMDs to 75 for more tax growth. It also allows pre retirees to save $10,000 more between the ages of 60 and 63. So, what do we think about these possible retirement planning changes and how could it make planning more flexible?
The article mentioned in today’s show: Senate retirement bill benefits wealthy Americans | The Hill
What we discuss on the show:
1:29 – RMD age moving to 75
6:53 – Saving $10,000 more between 60 and 63
8:27 – It allows you the flexibility to save more
9:42 – Are Roth IRAs really a gimmick?
13:26 – B-partisan support for this bill
“Now the incentive for employees to be automatically enrolled, I think will get people contributing that maybe had intentions of doing so but didn’t know how to do it or go about it.”
– Shari Rash